Tuesday , 25 June 2019
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Chevron Buys City Block in Downtown Houston

HOUSTON – Chevron Corp. has purchased a city block in downtown Houston not far from the site of its proposed 50-story office tower.

Chevron bought the block bounded by Travis, Leeland, Milam and Pease. The site is used as a surface parking lot. It is anticipated that the block will be used as a lay-down yard for construction materials when Chevron begins building its new downtown office building, according to Laura Van Ness of Central Houston.

But Chevron has put construction of its new office tower on hold. Chevron had indicated that the building would be started in 2014, however, the energy company said recently that the building won’t be underway any earlier than 2015.

The tower is proposed at 1600 Louisiana as the third tower in energy company’s downtown campus in Houston.

“Chevron remains committed to building the previously announced facility (the 50-story office tower),” says Chevron spokesman Justin Higgs.

Why buy the additional city block? Higgs said: “This acquisition is part of Chevron’s broader effort to support future growth in downtown Houston. This property acquisition gives us additional facilities flexibility as we expand downtown. This transaction further underscores our commitment to building the previously announced urban campus facility and continuing to expand our employee base and overall presence in downtown Houston.”

Cushman & Wakefield handled the sale of the block.

Chevron is receiving $12 million in incentives to relocate 1,700 jobs to Texas. The downtown tower had been expected to accommodate some of this growth.

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